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In a recent television interview, India\u2019s Finance Minister, Nirmala Sitharaman, suggested that regulation \u201ccannot be done\u201d by a single country; it requires an international effort.<\/p>\n
Speaking to Rahul Joshi on CNBC-TV18 in India on Feb. 3, Sitharaman\u00a0noted<\/a> that while the central bank is the \u201cauthority for issuing cryptocurrency,\u201d the rest of the digital assets created outside are \u201cusing very useful financial technologies.\u201d<\/p>\n Sitharaman said that India is looking at a \u201cglobal\u201d standard operating procedure to be \u201cagreed upon\u201d for regulating crypto assets, ahead of hosting the G20 finance ministers and central bank governors meeting in Bengaluru later this month.<\/p>\n She suggested that for crypto regulations to be effective it requires global consensus. She noted:<\/p>\n \u201cRegulation cannot be done by any one country singularly, it has to be a collective action because technology doesn\u2019t group any borders.\u201d<\/p><\/blockquote>\n Related:\u00a0<\/em><\/strong>India cooperates with IMF on crypto consultation paper<\/em><\/strong><\/a><\/p>\n This comes after the news that Sitharaman didn\u2019t mention any changes<\/a> to income tax laws in relation to crypto, central bank digital currency or blockchain technology in the union budget on Feb. 1.<\/p>\n There have been numerous developments in crypto regulations by various countries within the G20.<\/p>\n Most recently, the Australian government released a token mapping consultation paper<\/a> on Feb. 3, ahead of their plans to release a licensing and custody framework in mid-2023.<\/p>\n During a speech in Paris on Jan. 5, the Governor of the Bank of France, Francois Villeroy de Galhau, stated that France\u00a0shouldn\u2019t wait on European Union crypto laws<\/a>\u00a0but instead take action on licensing \u201cas soon as possible.\u201d<\/p>\n Brazil and Argentina are having their own discussions about creating a common digital currency together<\/a>\u00a0in an effort to reduce dependance on the U.S. dollar.<\/p>\n Meanwhile, Huang Yiping, a former member of the Monetary Policy Committee at the People\u2019s Bank of China, believes that the Chinese government\u00a0should reconsider its ban on cryptocurrency trading<\/a>, suggesting it may not be sustainable in the long run.<\/p>\n<\/div>\n